Bertelsmann begins any-and-all tender offer for 3% notes due 2075

By Marisa Wong

Los Angeles, Nov. 22 – Bertelsmann SE & Co. KGAA announced a cash tender offer for its €650 million outstanding 3% notes due 2075 (ISIN: XS1222591023) with a first call date on April 23, 2023.

The company is offering to purchase any and all of the outstanding notes at par.

Tenders are due by 11 a.m. ET on Nov. 29.

Results will be announced on Nov. 30.

Settlement is expected to be on Dec. 1.

The company said the purpose of the tender offer and a planned issuance of new notes is to proactively manage its layer of hybrid capital. The tender offer also gives holders of the existing notes the opportunity to sell their current holdings ahead of the upcoming first call date and to subscribe to the new notes.

Notes purchased are expected to be canceled.

Holders who participate in the tender offer may be given priority in allocation of the new notes.

The dealer managers are Barclays Bank Ireland plc (+44 20 3134 8515; eu.lm@barclays.com) and BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Harry Ringrose; bertelsmann@is.kroll.com; https://deals.is.kroll.com/bertelsmann).

The media conglomerate is based in Guetersloh, Germany.

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